Market Insights Technology Internet of Things

Automotive IoT - Turkmenistan

Turkmenistan

The projected revenue for the Automotive IoT market in Turkmenistan is expected to reach US$110.90m in 2024.
This represents a significant growth potential for the country's automotive industry.
It is estimated that the market will experience an annual growth rate of 12.80% from 2024 to 2029, resulting in a market volume of US$202.50m by the end of that period.
This growth can be attributed to the increasing adoption of IoT technologies in the automotive sector, which offers various benefits such as enhanced safety, improved efficiency, and better connectivity.
In comparison to other countries, in the United States is expected to generate the highest revenue in the Automotive IoT market, with an estimated revenue of US$91.62bn in 2024.
This is indicative of the country's strong position in the global automotive industry and its technological advancements in IoT applications.
The United States has been at the forefront of innovation in the automotive sector, with major players investing heavily in IoT technologies to drive growth and stay competitive.
Turkmenistan has the opportunity to leverage the potential of the Automotive IoT market to drive economic development and enhance its automotive industry.
By investing in IoT infrastructure and fostering partnerships with technology providers, the country can position itself as a key player in the global automotive market.
This would not only lead to increased revenue but also drive innovation, create job opportunities, and improve the overall competitiveness of the automotive sector in Turkmenistan.
Turkmenistan's automotive IoT market is rapidly expanding, with a focus on integrating smart technology into vehicles for improved safety and efficiency.

Key regions: Germany, Canada, United Kingdom, Australia, India

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Analyst Opinion

One of the fastest growing Internet of Things’ markets has been the Automotive IoT as more manufacturers are entering the race of delivering the first completely autonomous car available for commercial sales. Technology used for Advanced Driver Assistance Systems (ADAS) has been developed and introduced to newer vehicles, and governments, such as the EU countries, have been introducing legal framework for mandatory ADAS features to improve road safety.

Vehicle telematics have become widely available and affordable, and the advancements in technology including more sophisticated sensors and advanced analytics tools are fueling the demand. The sensors and analytics tool have especially seen a high adoption in fleet telematics as providing real-time tracking and monitoring of vehicles yields great results in improving operational efficiency and reducing costs.

Connected vehicles are also becoming part of smart cities with systems such as the vehicle-to-infrastructure (V2I) and the data communicated helps in improving road safety and reduce congestion. The more vehicles are connected, the better results are.

Methodology

Data coverage

The data encompasses B2B, B2C and B2G revenues. The revenue only refers to the spending share of the Internet of Things components.

Modeling approach/ Market size:

The segment size is determined through a combination of top-down and bottom-up approaches. We use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as consumer spending, internet penetration, 4G coverage, and current and historical developments. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques but primarily exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.